The Reason for Gaming Operators to Ask For Source of Funds Verification

Gambling and playing at online casinos are fun and popular past-time activities coveted all around the world. Hence, gambling is considered a profitable business for operators. Yet, there are high chances that the operators fall prey to fraudulent or illegal transactions, especially in the online mode where verification may at times be misleading or illegitimate. On the other hand, these no verification casino sites are extremely popular as players do not want to share their personal data. Therefore, it has become mandatory for gaming operators to check the source of funds before registering the player for gaming. As per the new law set up in 2019 by the United Kingdom Gambling Commission, players would need to procure their personal documents at the time of registration to prevent fraud and protect their own interests as well. The United Kingdom Gambling Commission (UKGC) provides a license to all the gambling operators in the UK without which the gaming sites are deemed illegitimate. The UKGC wants to prevent the association of crime with gambling and has set some ground rules to be observed and abided by both gambling operators and players. Due to the rules set down by the UKGC, gaming operators have to make sure that they verify the identity of the players and source of funds (SOF) through legal documents like citizenship proof, passport, driver’s license, bank statements, and credit cards. Therefore, players have to comply with this verification to protect themselves from potential money-related fraud. Under specific conditions, a fund check may be conducted by the gaming operators when there are some discrepancies or disturbances in funds in a registered account. This check is not conducted on a daily or weekly basis but only when there are pieces of evidence of suspicious activities in the account or a major change in the funds. The online casino operators get alerted when there is a huge sum of money being deposited in the account linked with the account. The sudden change in the deposit sum, if it is much more than the usual deposit elicits reason for suspicion. A sum of £200 when the usual deposit ranges from £10 to £15 requires verification. Casinos do not ask for proof of a transaction with each game as players may feel affronted if asked repetitive questions. Casinos try their best to not offend the players investing in their casinos so their only chance to look into the accounts is when the player gains money through massive wins. Casinos can then confirm if the deposit money is legit or not by going through transactions done previously. In case there is a huge influx of money and a large difference in previous transactions and current transactions, then the casino has the right to conduct an identity checkup by asking for identity proof and income proof. This is to prevent money laundering through the accounts.

A casino or gaming operator may need to contact a player to ask for identity verification documents to prove based on definite evidence. The player will either be called directly or contacted through email or via text when a need for verification occurs. The operator can ask for more than one legal document as per their requirement. Here is a list of documents needed as evidence:

• Proof of employment along with salary receipt
• Bank statement with proof of payment from the employer
• Credit card statements
• Ewallet account information used to set up the gaming account
• A statement showing the last deposit in the player’s account

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There has been a new system where online gaming operators and casinos now ask for these documents before registering the player. Not all casinos ask for the information during registration but it is wise to provide the documents beforehand. Not being able to verify the source of funds may even lead to the money being blocked in the account. There are certain sources that are unacceptable as funds and are not considered legal. They are:

• Personal loans from banks taken out to gamble
• Credit card funds, especially if more than one is being used for the account
• Redundancy pay, deposited after losing the job
• Family loans or borrowed money from a friend
• Business money, particularly ones in partnership

The stated sources are removed from the legitimate list of acceptable funds since operators in no way want to promote unhealthy practices of gambling leading to addiction. CardsRealm admits that the process of verification is a necessary one, which benefits both parties involved in the transaction where the players are ensured of their safety and of theft prevention and the operators get to remove fraudulent accounts and protect their interests. Thus, it is important to attest to the source of funds and have a fund checkup regularly to avert the possibility of a money block so that the player has a fruitful experience without worries or hassle.